Guidelines & Regulations

Guidelines & Regulations

Voluntary Contribution Guidelines Under the Contributory Pension Scheme

The main purpose of the Pension Reform is to introduce a pension system that is sustainable and has the capacity to achieve the ultimate goal of providing a stable, predictable and adequate source of retirement income for each employee in Nigeria.

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Re: Circular on Forwarding of Requests for Refund of Pension Contributions to Employees of States and Local Governments By Pension Fund Administrators

It has come to the Commission’s attention that following the Circular referenced INSP/CIR/SOD/18/01 of 31 August 2018, some Pension Fund Administrators have been refusing to execute the approvals granted by the Benefits and Insurance Department of the Commission for refund of pension contributions of State and Local Government employees.

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Re: Review of Programmed Withdrawal Template

Further to the Circular Ref. PENCOM/INSP/CIR/Surv/18/21 dated 8 August 2018, suspending the use of the Revised Programmed Withdrawal Templates (PWT), you are by this circular requested to revert to the old PWT for the computation of retirement benefits under the CPS.

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Addendum To The Framework On Pension Enhancement For Existing Retirees On Programmed Withdrawal Under The Contributory Pension Scheme (CPS)

Following the implementation of  the Framework on Pension Enhancement for existing retirees on Programmed Withdrawal under the Contributory Pension Scheme

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Revised Procedures On The Processing of Death Benefits

The Commission has received series of complaints from retirees, who alleged that their PFAs have wrongfully paid their death benefits to their Next-of-Kin or legal beneficiaries while they are still alive and in active service without their consent.

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FRAMEWORK FOR MICRO PENSION PLAN 2018

The provisions of the Pension Reform Act 2014 (PRA 2014) applies to all employees in the Public Service of the Federation, Federal Capital Territory, States and Local Governments and the Private Sector Organizations in which there are three or more employees. However, Section 2(3) of the Act provides that employees of organizations with less than […]

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Guidelines for Micro Pension Plan 2018

Section 2(3) of the Pension Reform Act, 2014 (PRA 2014) provides that employees of organizations with less than three employees as well as the self-employed persons shall be entitled to participate in the Contributory Pension Scheme in accordance with Guidelines issued by the Commission.

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Addendum to the Circular on Withdrawals from Voluntary Contributions

Following the implementation of the Circular ref. PENCOM/INSP/CIR/SURV/17/22 of 16 November, 2017 on Withdrawal of Voluntary Contributions

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Circular on Forwarding of Requests for Refunds in Respect of Employees of States and Local Governments by PFA

This is to inform all Pension Fund Administrators that henceforth all requests for approvals

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Circular on Review of Programmed Withdrawal Template

Following the recent implementation of the revised Template for Programmed Withdrawal as a mode of accessing retirement benefits under the Contributory Pension Scheme, the Commission has received complaints from several quarters indicating concerns against the new Template

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Implementation Guidelines On RSA Multi-Fund Structure (Addendum)

Re:Implementation Guidelines on Retirement Savings Account (RSA) Multi-Fund Structure (Addendum).

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RSA Multi Fund Implementation Guidelines

Please, recall that the Multi Fund Structure for Retirement Savings Account (RSA) is expected to be effective from Monday, 2nd  July, 2018.

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Revision of the Fees Structure in the Pension Industry

Accordingly, the Commission wishes to notify Licensed Pension Fund Operators and other Stakeholders, of a revised fees structure for the Pension Industry, as follows:

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Regulations for the Administration of Retirement and Terminal Benefits

These regulations, which are considered the applicable minimum, have been put in place for the purpose of establishing uniform set of rules of general application, procedures, regulations and standards in relation to the application of the relevant sections of the Pension Reform Act 2004 (PRA) by pension fund operators in the administration of retirement and […]

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